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Financial News: Russia Services Activity Contracts Sharply In October

Russia Services Activity Contracts Sharply In October

11/03/2022 - 03:36:00 (RTTNews)

(RTTNews) - Russia's service sector logged a marked contraction in October, led by a renewed fall in new business amid weak domestic and foreign client demand, survey data from S&P Global showed on Thursday.

The seasonally adjusted services Purchasing Managers' Index, or PMI, fell to 43.7 in October from 51.1 in September.

Any reading below 50 indicates contraction, while a score above 50 suggests expansion in the sector.

The lower output in October was linked to weak client demand, a reduction in the size of their customer base following sanctions, and a drop in purchasing power at clients.

New orders declined for the first time in five months, and the rate of fall was solid overall. Meanwhile, new export orders decreased for the eighth consecutive month.

On the price front, input price inflation rose from September's 12-month low, led by hikes in wages, alongside greater supplier, material and utility bills. Despite this, selling price inflation eased to the slowest since February 2021.

In response to a drop in new orders and reduced capacity pressure, companies reduced hiring activity in October. The rate of job shedding was the fastest since May 2020.

Russian service providers remain pessimistic about year-ahead business expectations, as they expressed concerns regarding reduced purchasing power at clients and economic uncertainty.

Data also showed that the composite PMI Output index also fell to 45.8 in October from 50.5 in the previous month. The downturn was largely driven by the service sector, as manufacturers registered a further rise in production.

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